Slide 1: ICON Q2 2023 Results
ICON Q2 2023 Results Period Ended June 30th, 2023 Dr. Steve Cutler, CEO Brendan Brennan, CFO Kate Haven, VP Investor Relations
Slide 2: Forward Looking Statement
Forward Looking Statement Statements included in this presentation which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Forward-lookin
Slide 3: The world's leading CRO, powered by healthcare intelligence
The world’s leading CRO, powered by healthcare intelligence New ICONwell-balanced, ICON’s has the scale, technology diversifiedand data analytics portfolio offeringtopositions becomeus thewell healthcare for furtherintelligence market penetration partner of choice through differentiated solutions an
Slide 4: Backlog Metrics
Backlog Metrics +8.5% Growth 21.2 21.7 20.0 20.2 20.7 $bn 9.9% 9.7% 9.7% 9.6% 9.5% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Closing Backlog Burn rate 3
Slide 5: Revenue
Revenue +4.4% Reported Growth +4.3% Constant Currency Organic Growth 1,962 1,979 2,020 1,935 1,942 $m Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 4
Slide 6: Customer Concentration
Customer Concentration Percentage of Total Revenue Q2 2023 8.6% 17.6% 14.1% 20.8% Q1 2023 8.8% 20.0% 13.7% 21.0% Q2 2022 8.7% 18.5% 13.5% 19.1% Largest Customer Top 6-10 Customers Top 2-5 Customers Top 11-25 Customers 5
Slide 7: Adjusted EBITDA Margin
Adjusted EBITDA Margin 1,962 1,979 2,020 1,935 1,942 20.6% 20.2% 20.5% 19.5% 18.3% $m Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Revenue EBITDA Margin % Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs Adjusted EBITDA Marg
Slide 8: Adjusted Earnings per Share attributable to the Group
Adjusted Earnings per Share attributable to the Group +8.7% Growth 313 311 300 290 286 ¢ Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Notes: All values exclude amortization, stock compensation, restructuring, FX and transaction-related / integration-related costs Adjusted earnings per share is a non-GAAP
Slide 9: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Q2 2023 Q1 2023 Q2 2022 $m (unless otherwise stated) 30-Jun-23 31-Mar-23 30-Jun-22 Cash and Cash Equivalents + Available for Sale Investments 271.8 281.5 616.6 Total Debt (4,312.1) (4,488.7) (5,045.7) Net (Debt) / Cash (4,040.3) (4,207.2) (4,429.0) Net Debt / TTM Adj EBIT
Slide 10: 2023 Financial Guidance & Outlook
2023 Financial Guidance & Outlook % increase Previous FY2023 Updated FY2023 FY2022 (Updated FY2023 Guidance Guidance Guidance vs. FY2022 Actuals) Revenue $7,741.4m $7,940m - $8,340m $8,070m - $8,210m 4.3% - 6.1% Adjusted EPS* $11.75 $12.40 - $13.05 $12.63 - $12.91 7.5% - 9.9% Key Assumptions for FY2
Slide 11: Delivering on PRA Deal Commitments
Delivering on PRA Deal Commitments Target / Indicative Goals at Deal Close Progress to Targets July 2021 Long-Term Revenue: high-single digits Growth Targets Adj. EBITDA: low-teens Met or exceeded all targets in Adj. EPS: mid-teens+ FY2022 Decrease leverage ratio to <2.5x at Capital Deployment 2.5x
Slide 12: Appendices
Appendices
Slide 13: Reconciliation of Non-GAAP Measures (EBITDA)
Reconciliation of Non-GAAP Measures (EBITDA) 2022 2023 $m except share and per share data Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Adjusted EBITDA Net income/(loss) attributable to the Group 112.0 115.7 160.2 117.4 505.3 116.7 115.6 Share of equity method investments 0.8 0.9 1.0 0.5 3
Slide 14: Reconciliation of Non-GAAP Measures (Net Income & EPS)
Reconciliation of Non-GAAP Measures (Net Income & EPS) 2022 2023 $m except share and per share data Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Adjusted net income attributable to the Group and adjusted diluted net income per Ordinary Share attributable to the Group Net income attributab
Slide 15: Q2 2023 Adjusted Net Income Reconciliation
Q2 2023 Adjusted Net Income Reconciliation Q2 2022 Q2 2023 $m except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 1,935.2 - 1,935.2 2,020.3 - 2,020.3 Costs and expenses: Direct costs (excluding depreciation and amotization) (a) 1,392.1 (5.6) 1,386.5 1,429.5 (6
Slide 16: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes a) Stock-based compensation expense represents the amount of recurring non-cash expense related to the Company’s equity compensation programs (inclusive of employer related taxes). b) Foreign currency losses (gains), net relates to gains or losses that arise
Slide 17: iconplc.com
iconplc.com © 2023 ICON. All rights reserved. 16